If you are looking for an affordable new car, your best option is to buy a second-hand one. Aside from the obvious benefit of a cheaper price tag, used vehicles are subject to lower registration fees, lower taxes, as well as low dealer fees.
You can also put fancy adjectives like “classic,” or “vintage” to second-hand cars, you can’t do that to brand new cars, right? However, second-hand vehicles have risks. There are a lot of horror stories about used cars or “lemons” that are more expensive than the newer cars with the same brand and model.
You do not want to break your bank and spend a lot of money buying a car because the value of the car depreciates faster. On the other hand, you don’t also want to drive a vehicle that will endanger you and your family’s lives. To solve these issues, here are some of the things you need to do before you sign the paperwork and buy a second-hand vehicle.
You should know what you need and what you want.
What will be the car’s use in your everyday life? Is it to be used to get from your home to your workplace? Is it to make your daily commute much easier? Are you going to use it to travel cross-country? Or you want the car to be your back-up in case your other vehicle breaks down?
When you have sorted out the reasons why you are buying a second-hand car, it is easier to narrow down what kind of car you are going to buy, what features do you need and don’t need. Choosing what model and what brand you are going to purchase is easy if you know what you need and what you want.
If you already know the price of the car, the year it was made, and the model of the vehicle, you need to consider adding a couple of items in your list. That way, you will not end up panicking if your car of choice is not available or the price of the vehicle is not within your budget. Do not go overboard either. If you have too many options, it will do more harm than good.
The Vehicle’s Identification Number or VIN is significant; you need to get it
All vehicles have a VIN or Vehicle Identification Number which can help you get the history report of the car you are planning to buy. The report what kind of model the car is, and the date it is manufactured. If you don’t know how to get your car’s VIN, visit https://www.dmv.org/vehicle-history/find-vin.php.
It will also tell you if the vehicle undergoes a repair job and what kind to get the VIN, you can use the NHTSA or the National Highway Traffic Safety Administration’s Vehicle Identification Number Lookup Tool, and ask for a report from AutoCheck or Carfax.
Check for the car’s market price.
Even the best dealers cannot argue with the facts. You have to check for the market value of the car you are planning to purchase using websites like Kelley Blue Book or Edmunds. Stick out a lower figure, at least $500 to $1,000 less, and stick with it when you are at the negotiating table.
For example, if one of the car dealerships on Blackstone have the car that you are looking for, for $1,100, and another dealership just 50 miles outside Blackstone has the same care for $1,000. You need to compute whether you are going to save money buying the one in Blackstone or the one 50 miles outside the area even if you will spend a little money on transportation.
Do a test drive
If it is possible, ask the salesman if it is okay to give you a thorough demonstration of the car and its features. Scrutinize the vehicle, and take it for a spin. Make sure you remember the overall feel of the car. You also need to check the engine and listen if there is an unusual sound.
If you think there is something wrong with the tires, engines, brakes, the lights, or the vehicle in general, consider whether you are going to buy it and spend money on repairs or look for another car. Remember that your safety, your family and the people riding the vehicle is your priority.
Financing is a better option
If it is possible, you need to finance the car using other means, not through a car dealer. Not only car dealers add additional interest rates, but they also offer loans on everything, regardless of the car’s quality. It is better to ask a direct loan from banks or reputable lending institutions.
But there is something you need to worry about, your credit score. The lower your credit score is, the higher interest rate you will get once you take a loan from them.
Do not forget to get insurance
Whether you are planning to buy a second-hand or a brand-new vehicle, do not, I mean DO NOT forget to get an insurance policy. Look for any insurance company that offers vehicle insurance, and compare every quote online. You have to read the terms and conditions that go with it and watch out for any “fishy” or unfavorable terms for you in the long run.
Click here to know more about vehicular insurance policy.
You need to consider whether the car you purchased needs limited coverage, or it needs more comprehensive insurance coverage. Buying your new car does not have to be an “either-or” situation. Whit the tips listed above, you can find a good car that does not break your bank account.